Final answer:
Merchant middlemen take title to manufacturers' goods and assume the trading risks. Brokers, buying offices, export agents, and agent middlemen have different roles and responsibilities.
Step-by-step explanation:
Merchant middlemen take title to manufacturers' goods and assume the trading risks. They buy goods in bulk from manufacturers and sell them to retailers or wholesalers. They are involved in the physical distribution process and have ownership of the goods.
For example, a clothing store might purchase items from a clothing manufacturer. The clothing manufacturer is the merchant middleman and assumes the risk of selling the goods to the clothing store.
On the other hand, brokers do not take title to goods and do not assume the trading risks. They facilitate buying and selling, but do not own the goods themselves. Buying offices represent the interests of buyers, export agents facilitate international trade, and agent middlemen represent and sell goods on behalf of the manufacturer.